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Software AG GB 2012, englisch

06 HIGHLIGHTS 08 LETTER FROM THE MANAGEMENT BOARD 12 THE COMPANY 38 SOFTWARE AG SHARE 46 CORPORATE GOVERNANCE 58 REPORT OF THE SUPERVISORY BOARD 68 GROUP MANAGEMENT REPORT 155 CONSOLIDATED FINANCIAL STATEMENTS 245 FURTHER INFORMATION 77 Cash flow management Receivables management has a significant effect on cash flow. At Software AG, receivables management is conducted locally and is subject to a variety of internal control pro- cesses. In order to improve our receivables structure, we selectively sell certain accounts receivable. Software AG’s cash management, in contrast, is a centralized function for which we use a global, standardized cash management system. This enables us to optimize our investment strategy and minimize investment risk. Software AG aims to: • Become one of the world’s top long-term providers of enterprise software • Be one of the leading vendor-neutral BPE providers in those countries where we operate • Be one of the most financially successful software com- panies in the world • Remain independent with the help of our anchor inves- tor, the Software AG Foundation • Seek acquisitions on a regular basis in order to combine organic and external growth THE SOFTWARE AG GROUP 69 ECONOMIC CONDITIONS 78 BUSINESS TREND AND ECONOMIC SITUATION 80 FINANCIAL PERFORMANCE 82 FINANCIAL POSITION 89 FINANCIAL STATEMENTS OF SOFTWARE AG 92 (PARENT COMPANY) ADDITIONAL EARNINGS-RELATED FACTORS 95 TAKEOVER-RELATED DISCLOSURES 125 REMUNERATION REPORT 127 RISK REPORT 139 EVENTS AFTER THE BALANCE SHEET DATE 149 FORECAST 151